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New tax regime and other tax changes that will come into effect from April 1

New tax regime and other tax changes that will come into effect from April 1

The new financial year will begin on April 1, 2020, amid a country-wide lockdown. Even though the government has extended various tax-related deadlines (such as filing of income tax return for FY 2018-19, tax-saving for FY 2019-20, linking of PAN with Aadhaar etc.) certain new tax-related rules will come into effect from April 1.

The government via a press release dated March 30, 2020, has clarified that there is no extension of the financial year.

Here is a look at the new tax rules that will come into effect from the new financial year, i.e. April 1, 2020.

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